The Nigerian National Petroleum Company (NNPC) Limited and the Chinese company Wison Heavy Industry Co. Ltd have inked a memorandum of understanding (MoU) for the development of a floating LNG project in Nigeria.

The agreement was inked during the ongoing United Nations climate change conference (COP28) by NNPC and Wison Heavy Industry.

Olufemi Soneye, the NNPC’s chief corporate communications officer, revealed this in a statement on Wednesday.

Soneye said the floating LNG MoU was signed by Olalekan Ogunleye, executive vice president, gas, power and new energy, on behalf of NNPC and Kai Xu, managing director of Wison Heavy.

In the statement, both parties agreed to work together to chart a roadmap for the project development that will lead to an investment decision.

NNPC said the LNG project will target the international market.

Also, Soneye said a supply, installation and commissioning agreement was signed by NNPC Prime LNG Limited, an arm of NNPC Trading Limited, and SDP Services, an independent oil and gas company, for a 421 tonnes per day LNG project targeting the domestic LNG market.

The small-scale LNG (SSLNG) project agreement was signed by Lawal Sade, the managing director, NNPC Trading Limited, on behalf of NNPC Prime LNG. and Abhinav Modi, managing director of SDP Services.

He said the SSLNG project will ensure the efficient supply of LNG to the autogas and compressed natural gas (CNG) and industrial as well as commercial customers nationwide.

The LNG project, which will be located at Ajaokuta in Kogi state, is expected to be operational by December 2024.

After the signing ceremony, Ogunleye said NNPC is committed to delivering gas to industries nationwide and accelerating the company’s gas commercialisation efforts through the floating LNG project.

Ogunleye said: “We see both projects as having enormous impact all over the country because they are central to the commercialisation of Nigeria’s abundant gas resources and ensuring that our country earns the much-needed foreign revenue from its abundant gas assets.”

“It is also consistent with NNPC Management’s drive to deliver on Mr. President’s gas and power aspirations across the country.”

Speaking on the SSLNG project, Sade said it will boost the domestication of LNG utilisation by supporting the growth of auto-gas initiatives across the country.

“We are looking at a timeframe of 12 months from execution to the commissioning of the project. The project will deliver about 420 tonnes per day of LNG per day into the domestic market, which will enhance efficient delivery of gas to the auto-gas/CNG and industrial customers in line with Presidential mandate,” she said.

The partners, according to Soneye, have pledged to work with NNPC to deliver the projects within schedule and in the most cost-effective manner.

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• Wins Bank of the Year Africa 2023.
• Subsidiaries Come Top in Cameroon, Chad, Ghana, Cote d’Ivoire, Mozambique, Republic of Congo, Sierra Leone, and Tanzania.

Africa’s Global bank, United Bank for Africa (UBA) Plc, has again demonstrated its prowess on the international stage as it clinched nine prestigious awards at The Bankers Awards 2023, organized by The Banker Magazine – a publication of Financial Times of London, the world’s leading business newspaper.

The prestigious awards presented to the Bank at a ceremony in London, United Kingdom on Thursday, included the highly coveted Bank of the Year Africa 2023, solidifying UBA’s position as the leading financial institution on the African continent.

The Bank’s subsidiaries also emerged as the Bank of the Year in eight of the 20 countries where it operates in Africa. The winning subsidiaries are UBA Cameroon, UBA Chad, UBA Ghana, UBA Cote d’Ivoire, UBA Mozambique, UBA Congo,  UBA Sierra Leone, and UBA Tanzania, underscoring the bank’s dominance and impact across diverse African markets. It is noteworthy that this would be the second time in the past three years that the Bank has won the regional award as the best bank in Africa, as it had emerged winner in 2021.

UBA’s Group Managing Director, Oliver Alawuba, who received the awards on behalf of the bank, expressed his gratitude and excitement about the awards, and said the recognitions come as a reassurance that the bank is on track in its goal of consolidating its leadership position in Africa, and creating superior value for its stakeholders.

“UBA is honoured to be named the Bank of the Year in these eight countries and to receive the overall Award for Africa. This accomplishment is a testament to the hard work, dedication, and innovative spirit of the entire UBA team. We remain committed to delivering top-notch banking services that positively impact the lives of our customers across the continent.

Continuing, Alawuba said, “We have our millions of customers across the globe and our many thousands of staff to thank for this. They are the very reason why we keep winning and receiving these accolades.”

The Banker Awards is widely recognized as a benchmark for banking excellence globally, and UBA’s multiple victories underscore the institution’s commitment to providing exceptional financial servicesand superior financial intermediation on the continent. As Africa’s Bank of the Year, UBA has demonstrated its ability to navigate the complexities of the African banking landscape and emerge as a leading force in driving economic growth and financial inclusion.

Speaking earlier about UBA’s consistent excellence in the financial services sector across the continent which has earned the bank great accolades overtime, Editor of the Banker, Joy Macknight, said that as always, UBA remains a clear winner across a wide range of criteria, having performed impressively across its footprint with a strong financial performance across most of its markets.

“In a year of strong competition among the continent’s major banking groups, UBA has gained the edge on its rivals to win the Bank of the Year award for Africa for the 2nd time in three years. Congratulations. The award recognises the bank’s strength across Africa, including many of its most competitive markets,” Macknight stated.

Since 1926, the Bank of the Year awards has been celebrating the best of global banking and is regarded as the industry standard for banking excellence.

Just recently, UBA won the 2023 FMDQ Gold Awards in three Categories including the Best FX Liquidity Provider,  Dealing Institution of the Year and Best Money Market Liquidity Provider. This recognition is a testament to UBA’s impressive capital strength and capacity to provide liquidity to the Nigerian financial market even in the face of harsh economic realities. Despite the headwinds, UBA Group has consistently maintained its position as Nigeria’s leading financial institution.

In June, the banking group announced impressive half-year financial results, and further increased the performance in Quarter 3, 2023, with profit before tax (PBT) soared to N502.01 billion, Shareholders’ Funds standing strong at N1.778 trillion, and total assets, reaching N16.24 trillion.

These outstanding figures not only reflect UBA’s institutional strength, but also demonstrate its position as a corporate role model in Nigeria and across Africa.

United Bank for Africa Plc is a leading Pan-African financial institution, offering banking services to more than thirty-five (35) million customers, across 1,000 business offices and customer touch points in 20 African countries. With presence in New York, London, Paris, and Dubai, UBA is connecting people and businesses across Africa through retail, commercial and corporate banking, innovative cross-border payments and remittances, trade finance and ancillary banking services.